Many people have been badly affected due to the Corona epidemic and their employment was in crisis. Some people lost their jobs. Apart from this, the trend of work from home increased rapidly. To meet the need of money, people took loans. The maximum loan applications came from the capital city of Delhi. While 31 per cent of loan applications in Delhi came to purchase household utilities like washing machines and dishwashers, 25 per cent of loan applications came to meet the health needs caused by the epidemic. This data is based on the report Borrow Pulse report compiled by IndiaSpends in first and second tier cities from 25 March 2020 to 20 March 2021 on data compiled from one and a half lakh borrowers of 21 to 55 years. For the report, loan applications ranging from 10 thousand to 50 lakh rupees were included.
Talking about the financial capital of the country, 27 per cent of people in Mumbai preferred to take a personal loan to start their own business, while 15 per cent took a loan to buy electronic devices such as laptops, tablets due to work from home. 17 per cent of people in Mumbai took a loan to buy a two-wheeler or four-wheeler.
Rakesh Jhunjhunwala’s bets on PSU bank stocks, disinvestment told investors a better chance
Different loan application preferences for each city
- While 31 per cent of loan applications in Delhi came to purchase household utilities like washing machines and dishwashers, 25 per cent of loan applications came to meet the health needs caused by the epidemic.
- In Bangalore, 28 per cent of the loan applications came to buy electronic equipment, while 12 per cent of the loan applications came to do courses to enhance their own efficiency. This means that a lot of people used the free time to increase their own efficiency.
- In Chennai, 19 percent of loan applications came to buy two-wheeler or four-wheelers, while 17 percent people asked for loans to buy electronic devices like smart TVs, laptops.
- In Hyderabad, 20 percent asked for a loan to meet their medical expenses, while 15 percent asked for a loan to do a course to increase their efficiency.
More loan applications than second tier cities
According to the report of Indialands, more loan applications came from second tier cities. While 46 percent loan applications were received from first-tier cities, 54 percent loan applications were received from second-tier cities. Among the second-tier cities, the maximum number of loan applications have come from Coimbatore, Chandigarh, Lucknow, Indore and Kochi. According to the survey, there has been a decline in the expenses of marriage and travel. Around 25 per cent of the people across the country took personal loans to start their own business, while 18 per cent took loans to meet their health needs and 17 per cent to buy two-wheeler or chapahia vehicles, and most of these loans were COVID- The reasons for the social and economic effects of the 19 epidemics were taken.
Investors earned 28000 rupees by investing only 10 rupees in this stock
